Polygon Mainnet Upgrade: MATIC Token Transitioning to POL on September 4, 2024

• Polygon is set to undergo a significant mainnet upgrade on September 4, 2024, as approved by its community.
• This upgrade includes transitioning from the MATIC token to a new token called POL and introducing new smart contracts.
• “Following PIP-42, consensus was reached that Polygon PoS validators must stake POL (the upgrade to MATIC) to earn protocol rewards and transaction fees in POL,” stated Polygon Labs in a blog post.

Stay updated on Polygon’s major upgrade from MATIC to POL, set to revolutionize smart contracts and validator rewards in September 2024.

Polygon Mainnet Upgrade: From MATIC to POL

The long-anticipated upgrade will see POL replace MATIC as the native gas and staking token for Polygon’s Proof of Stake (PoS) chain. This marks a pivotal moment in Polygon’s strategic roadmap, aligning with the ambitions set out in their “Polygon 2.0” initiative launched last year.

The Migration Process

The migration process, as detailed in a blog post by Polygon Labs, clarifies that Polygon PoS validators must stake POL to earn rewards. The transition initially involves replacing MATIC with POL, which will later play a key role in the AggLayer, connecting Polygon’s various chains and enhancing security through zero-knowledge rollups. This process requires updates to numerous DeFi protocols, dApps, and infrastructure components to accommodate the new POL token.

Enhancing Network Security and Efficiency with Polygon 2.0

Polygon 2.0 aims to elevate the network’s security and efficiency through an aggregated blockchain model. This will unify liquidity and improve interoperability across multiple ZK-Rollup chains. The AggLayer will facilitate these connections and ensure the Polygon 2.0 chains are backed by Ethereum’s security framework. According to Polygon Labs, POL will become a hyperproductive token offering valuable services across the network, including within the AggLayer itself.

Seamless Transition for MATIC Holders

For MATIC holders on Polygon PoS, the shift to POL will occur automatically, with no user intervention required. This ensures uninterrupted network interaction for users. However, MATIC holders on Ethereum, Polygon zkEVM, or centralized exchanges may need to take action. They will convert MATIC to POL via a migration contract on Ethereum, enabling effortless, permissionless upgrades. The migration contract was initially tested on the testnet from July 17, 2024, allowing for a smooth transition by identifying and resolving potential issues.

Conclusion

Polygon’s upgrade from MATIC to POL heralds a new era of enhanced capabilities and seamless interactions across its network. This move aligns with the broader “Polygon 2.0” vision, promising improved security, efficiency, and interoperability. For users, particularly those on Polygon PoS, the transition is designed to be smooth and hassle-free, ensuring continued engagement without disruption. As the upgrade date approaches, staying informed and prepared will be crucial for all Polygon stakeholders.